New York Mayor Wants to Improve Subway System With the Wealthy’s Money

New York Mayor Wants to Improve Subway System With the Wealthy’s Money

New York Mayor Wants to Improve Subway System With the Wealthy’s Money

Have you taken a ride on New York’s Subway system recently?

If you have then you might have noticed that it’s in need of some work. Like many other forms of infrastructure, the Subway is getting old and worn down from years of use and lack of upgrades and repairs.

Of course, this is a problem that the mayor of New York would like to fix. So how does Mayor Bill De Blasio plan to do this? As you might have guessed he wants to raise taxes. However, he’s not looking for everyone to help foot the bill. He wants the state’s wealthiest individuals to pay a little more to help improve the system for everyone else.

According to the recently announced proposal, the mayor wants to increase the tax rate on anyone that makes more than $500k from 3.876 percent to 4.41 percent. His plan would also assist in the funding of half-price subway and bus rides for as many as 800k of the area’s lowest income individuals.

However, governor Andrew Cuomo has stated that the city should take more responsibility for the subway by pulling more money from it’s own budget.  Meantime, De Blasio claims that his plan would increase tax revenue by $700 million in 2018 alone. If the plan were to become law, about 32,000 residents would be affected by the tax increase.

We hope you found this article about “New York Mayor Wants to Improve Subway System With the Wealthy’s Money” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

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